New Home Closings and Prices in Allentown Climb According to Recent Figures
Posted on: Dec 06, 2013 07:01:10 AM
In August, closings of new homes rose year-over-year in the Allentown, PA market, and the percentage gain, which was better than July 2013, suggested the market may be improving. New home closings saw a 38.7% jump from a year earlier to 104. This was after the housing market saw a 28.6% climb year-over-year in July.
A total of 780 new homes were sold during the 12 months that ended in August, up from 751 for the year that ended in July.
As a percentage of overall housing closings, new home closings made up 9.4%. This is better than the 8.0% of closings a year earlier. Closings of new and existing homes jumped year-over-year in August after also rising in July year-over-year.
Pricing and Mortgage Trends
The average price of newly sold homes rose year-over-year 11.8% in August to $293,651 per unit. This lift compares to a 3.2% decline in July from a year earlier.
The average mortgage size on newly sold homes saw a hike year-over-year along with new home prices. In August 2013, average mortgage size grew 11.6% from a year earlier to $239,956. In July 2013, average mortgage size on newly sold homes saw a 11.1% fall from a year earlier.